This interview is part of our new Blockchain In Cybersecurity series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and cyber security.
In this interview we speak with George Waller, CEO of BlockSafe Technologies, to understand how his company is using blockchain to transform the cyber security business, and what the future of the industry holds.
1. What’s the story behind BlockSafe Technologies? Why and how did you begin?
GW: Founded in the fourth quarter of 2017, BlockSafe Technologies is a subsidiary of StrikeForce Technologies, an industry-leading cyber security company that has been in business for over 18 years. StrikeForce invented two of the industry’s most important cyber security technologies, Out-of-Band Authentication & Keystroke Encryption. Currently, over 300 Million people use Out-of-Band Authentication each and every day and StrikeForce’s products are sold horizontally across many industries, such as financial services, healthcare, manufacturing, government and education.
BlockSafe was created specifically to focus solely on protecting the blockchain ecosystem (crypto-wallets, exchanges & blockchains). BlockSafe is also able to leverage many valuable assets from its parent company StrikeForce i.e. patented & proven technologies, experienced developers, seasoned management team & reputable advisors. Additionally, for BlockSafe’s Secure Token Offering, we get to leverage the SEC experience of StrikeForce, which has been a publicly-traded company for over 14 years.
2. Please describe your use case and how BlockSafe Technologies uses blockchain:
GW: BlockSafe’s line of products are designed to interface and protect the blockchain and blockchain users in different ways.
Our CryptoDefender™ product is the industry’s only Keystroke Encryption Technology designed specifically to protect crypto-wallet transactions. When users send tokens to each other, they send them via the blockchain. When users log into an exchange, the exchange interfaces with the blockchain. Therefore, protecting a wallet or an exchange interface is critical.
Our ExchangeDefender™ is a bundle of two of our products – it includes our CryptoDefender™ keystroke encryption technology as well as our ProtectID Out-of-Band Authentication technology. Exchanges store private keys and tokens, therefore, they are a high value target for hackers. Our ExchangeDefender™ was designed to protect the vulnerabilities and attack vectors that hackers regularly exploit. It protects the login credentials and process for users, customer service representatives and exchange administrators. Additionally, ExchangeDefender™ can be used to enable end-user transaction verification. When this feature is turned-on, an end-user can receive a real-time call, or, push message to their mobile device asking them to authorize the token transaction with either a fingerprint or other secure authentication method.
Our BlockchainDefender™ product will be the industry’s most comprehensive access control and policy enforcement layer for protecting permissioned blockchains. BlockchainDefender™ will act as a firewall and sit between the blockchain and the blockchain application. It will examine all messages sent to the blockchain and verify that they are allowed as per the built-in rules engine and policy server. It will also scan the contents of all messages for malware and will enable transaction verification based on corporate rules and roles.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
GW: Over $9 Million dollars a day is stolen from crypto wallets, and once tokens are stolen, they’re gone for good. CryptoDefender™ is the industry’s leading cyber security solution for protecting against these vulnerabilities. The solution’s keystroke encryption protects desktop & mobile wallets. Additionally, CryptoDefender™ proactively encrypts each and every keystroke typed by users on their keyboards, and in doing so, protects everything typed by a user, not just their crypto-wallets. When a user uses our CryptoDefender monthly subscription, they have confidence knowing that their crypto isn’t going to be stolen by crypto-stealing malware.
Currently, our CryptoDefender™ for crypto-wallet protection is being used by consumers around the world.
4. What other blockchain use cases in cybersecurity are you excited about?
GW: Permission-based blockchains are growing at a breakneck speed, just about every large corporation has a blockchain pilot underway, and most smaller companies are looking into managed blockchain service providers. As a result, we are excited about our BlockchainDefender™ being the critical component protecting each of those blockchains. We are building in a way that it can be deployed to protect a single enterprise blockchain or it can be deployed by a blockchain service provider for all of their customers.
5. Where will BlockSafe Technologies be in five years?
GW: Today, BlockSafe is the only company that protects the entire blockchain ecosystem (crypto-wallets, exchanges & permissioned blockchains). Within five years, we envision every wallet user and wallet company licensing our CryptoDefender™ keystroke encryption technology to protect their crypto wallets. We expect every crypto exchange to protect their corporate networks and end-user transactions with ExchangeDefender™ and we expect to work with all the blockchain platform providers and integrators to protect their blockchains with our BlockchainDefender™.
In the next five years, we expect to be the leading blockchain cyber security company.